Bitwise plans to invest $267 million in Superstate’s SSC fund into tokenized funds.

Bitwise Asset Management plans to take over investment management of Superstate's Crypto Carry fund, marking the crypto asset manager's first move into tokenized funds.

The fund, known as USCC, will be renamed the Bitwise Crypto Carry Fund after the transition, which is expected to be completed by June 1, 2026. The fund will hold the USCC token, smart contracts and token address, Bitwise will take on investment management responsibilities.

USCC is available to qualified buyers and seeks to obtain yield through crypto cash and carry trades, a strategy that captures the spread between crypto spot prices and futures prices. The fund had more than $267 million in assets under management and attracted hedge funds, venture funds, corporations, treasuries, wealthy individuals and protocols, according to Bitwise.

Superstate will continue to operate the fund's onchain infrastructure, including token issuance and digital transfer agency services. The company said the move marks a shift away from fund management and towards FundOS, an infrastructure platform for onchain funds.

The Superstate USCC page says the fund will provide qualified investors with access to crypto-based strategies on multiple crypto assets and US Treasury securities. Ownership is represented by USCC, which is supported as tokens or through book entry records, subscriptions and redemptions in USD or USDC and liquidity on each market day.

The transition comes as tokenized investment products continue to gain institutional traction. Data from RWA.xyz shows that the broader tokenized real-world asset market has a distributed asset value of $31.4 billion, up nearly 5% over the past 30 days. Tokenized US Treasuries cover 76 assets with a total value of $15 billion, on the same platform.

Bitwise says the broader token-generated asset market is expected to reach $18.9 trillion by 2031 as financial institutions look to blockchain infrastructure to improve liquidity, settlement efficiency and investor access. The firm said it had $11 billion in client assets as of April 1, 2025.